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Financial Services Trade Associations Review Puts Forward Final Recommendations

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The Financial Services Trade Associations Review has recommended creating a new world-class trade association for the industry by bringing together five existing associations and also forging new relationships with two other ‘in scope’ organisations involved in payments and financial fraud.

The new trade association would initially be formed from a merger of the British Bankers’ Association, the Council of Mortgage Lenders, Payments UK and the UK Cards Association. The Asset Based Finance Association could be brought in soon after, while UK Payments Administration and Financial Fraud Action UK would become close partners with new relationships.

Ed Richards, who leads the Financial Services Trade Associations Review, said: “There are real benefits from creating a more unified body to speak for this crucial area of the economy. A new trade association would be able to represent the industry more effectively because its voice would carry greater weight. Having a single point of contact will also be welcomed by policymakers and will reduce duplication of effort.


“However, it’s important that the new association is organised along devolved lines. We need to make sure specialist expertise is preserved and a diverse membership is properly represented while still gaining the advantages from having a bigger organisation.”

The review recommends that the new trade body should establish close working relationships with the Building Societies’ Association and the Finance & Leasing Association and suggests this could lead to more extensive cooperation at a later date.

Other ideas aimed at strengthening the effectiveness of the new body are proposals for specialist committees to address digital innovation, new entrants and new technologies in finance and a committee for the nations and regions to ensure that those based outside London are strongly represented.

The review also recommends setting up two advisory groups to represent the views of consumers and SMEs to the trade association and act, where necessary, as a critical friend. They would be consulted when policies were being developed and meet with the Main Board once a year.


The governance structure for the new organisation proposed by the review would comprise a main board with an independent chairman and below that sector boards with principal responsibility for specific areas. The aim would be to build on the strengths of the existing trade associations by bringing together their technical and practitioner experts.

The final recommendations have been drawn up following a transparent and open process including consultations with a wide range of stakeholders. The review was set in train a year ago by a number of the UK’s banks and biggest building society.

The Review’s report is available here.

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Economy

A Good Look At How Homes Will Become More Energy Efficient Soon

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energy efficient homes

Everyone always talks about ways they can save energy at home, but the tactics are old school. They’re only tweaking the way they do things at the moment. Sealing holes in your home isn’t exactly the next scientific breakthrough we’ve been waiting for.

There is some good news because technology is progressing quickly. Some tactics might not be brand new, but they’re becoming more popular. Here are a few things you should expect to see in homes all around the country within a few years.


1. The Rise Of Smart Windows

When you look at a window right now it’s just a pane of glass. In the future they’ll be controlled by microprocessors and sensors. They’ll change depending on the specific weather conditions directly outside.

If the sun disappears the shade will automatically adjust to let in more light. The exact opposite will happen when it’s sunny. These energy efficient windows will save everyone a huge amount of money.

2. A Better Way To Cool Roofs

If you wanted to cool a roof down today you would coat it with a material full of specialized pigments. This would allow roofs to deflect the sun and they’d absorb less heat in the process too.

Soon we’ll see the same thing being done, but it will be four times more effective. Roofs will never get too hot again. Anyone with a large roof is going to see a sharp decrease in their energy bills.


3. Low-E Windows Taking Over

It’s a mystery why these aren’t already extremely popular, but things are starting to change. Read low-E window replacement reviews and you’ll see everyone loves them because they’re extremely effective.

They’ll keep heat outside in summer or inside in winter. People don’t even have to buy new windows to enjoy the technology. All they’ll need is a low-E film to place over their current ones.

4. Magnets Will Cool Fridges

Refrigerators haven’t changed much in a very long time. They’re still using a vapor compression process that wastes energy while harming the environment. It won’t be long until they’ll be cooled using magnets instead.

The magnetocaloric effect is going to revolutionize cold food storage. The fluid these fridges are going to use will be water-based, which means the environment can rest easy and energy bills will drop.

5. Improving Our Current LEDs

Everyone who spent a lot of money on energy must have been very happy when LEDs became mainstream. Incandescent light bulbs belong in museums today because the new tech cut costs by up to 85 percent.

That doesn’t mean someone isn’t always trying to improve on an already great invention. The amount of lumens LEDs produce per watt isn’t great, but we’ve already found a way to increase it by 25 percent.

Maybe Homes Will Look Different Too

Do you think we’ll come up with new styles of homes that will take off? Surely it’s not out of the question. Everything inside homes seems to be changing for the better with each passing year. It’s going to continue doing so thanks to amazing inventors.

ShutterStock – Stock photo ID: 613912244

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Economy

IEMA Urge Government’s Industrial Strategy Skills Overhaul To Adopt A “Long View Approach”

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IEMA, in response to the launch of the Government’s Industrial Strategy Green Paper, have welcomed the focus on technical skills and education to boost “competence and capability” of tomorrow’s workforce.

Policy experts at the world’s leading professional association of Environment and Sustainability professionals has today welcomed Prime Minister Teresa May’s confirmation that an overhaul of technical education and skills will form a central part of the Plan for Britain – but warns the strategy must be one for the long term.

Martin Baxter, Chief Policy Advisor at IEMA said this morning that the approach and predicted investment in building a stronger technical skills portfolio to boost the UK’s productivity and economic resilience is positive, and presents an opportunity to drive the UK’s skills profile and commitment to sustainability outside of the EU.


Commenting on the launch of the Government’s Industrial Strategy Green Paper, Baxter said today:

“Government must use the Industrial Strategy as an opportunity to accelerate the UK’s transition to a low-carbon, resource efficient economy – one that is flexible and agile and which gives a progressive outlook for the UK’s future outside the EU.

We welcome the focus on skills and education, as it is vital that tomorrow’s workforce has the competence and capability to innovate and compete globally in high-value manufacturing and leading technology.

There is a real opportunity with the Industrial Strategy, and forthcoming 25 year Environment Plan and Carbon Emissions Reduction Plan, to set long-term economic and environmental outcomes which set the conditions to unlock investment, enhance natural capital and provide employment and export opportunities for UK business.


We will ensure that the Environment and Sustainability profession makes a positive contribution in responding to the Green Paper.”

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